Norfolk accountancy expert chairs global meeting on farming challenges

A Norfolk agricultural accountant has chaired a global meeting of finance experts which highlighted the many challenges faced by farmers in an "uncertain world environment".

Chris Solt, agricultural partner at Norfolk-based accountancy firm Lovewell Blake, led HLB International's agriculture, food and beverages sector meeting, which attracted delegates from around the world.

The online discussion highlighted issues including the need for young people to replace ageing farmers, the impact of immigration policies and the importance of education and training.

It also focused on the impact of globalisation and the need for cutting-edge technology to stay competitive, as well as the importance of adapting to changing environmental and social expectations while maintaining profitability.

Many of these global concerns are equally relevant to agricultural businesses in East Anglia, said Mr Solt.

"It was interesting to hear from agri-finance experts throughout the world, who are all facing the same kind of challenges as farmers closer to home," he said.

“Issues surrounding succession, economic sustainability – particularly for smaller farms – and uncertainty about how to meet pressing environmental issues at the same time as producing food profitably, are all too familiar to those in the agricultural and food and drink business in our part of the world.

“All of this is in the context of global and local political uncertainty, with important elections taking place right across the world this year.

"Farmers are seeking certainty and stability when it comes to taxes, financial support and environmental legislation, but in many parts of the world – as in the UK – what they are actually faced with is delayed decisions and uncertainty."

Mr Solt is global leader of accountancy network HLB International’s Agriculture, Food and Beverages Industry Group, with delegates from North and South America, Europe and Asia attending the meeting.

"It was striking just how much all of those parts of the world have in common when it comes to the challenges facing agribusinesses," he said.

"It is clear from the conference that agribusinesses need to be adaptable and innovative in order to succeed in today's rapidly changing landscape."